Tuma, a Congolese fintech startup, has raised the largest funding round in fintech for the Congolese tech ecosystem ever.
Tuma, a fintech startup in the Democratic Republic of Congo (DRC), has raised $500,000 in funding—the largest funding round for a Congolese fintech ever. The round noticed participation from Visa, Visible Hands, and the Social Justice Fund. The two-year-old startup says that the funding will permit it to broaden into different markets and enhance its product choices.
Last 12 months, in response to Partech, the Congolese startup ecosystem raised $38 million (98% went to crypto agency Jambo) in funding after elevating $1 million in 2022, making it the eleventh most funded African nation. Much of this funding has gone into the fintech business, as the nation’s monetary system stays incapable of fixing its issues. The nation’s financial institution penetration fee hovers round 6%, and solely 25% of the inhabitants has an account with a monetary establishment.
Founded by Elijah Lubala and Mpilo Makae, Tuma is attempting to convey monetary inclusion to Congo by offering a digital answer that enables retailers to obtain card funds on their telephones. Almost half of the nation has a cell phone. Using software program POS expertise, the startup can remodel any telephone into a POS by permitting clients to faucet their playing cards on the again of the telephone. Tuma has partnered with different monetary establishments like UBA Bank Group, Credit Bank Kenya, InTouch, Appiawave, Cellulant, and Seerbit to make this doable.
Tuma’s funding comes after the DRC authorities launched a startup act final 12 months. The startup invoice was signed into regulation on September 8, 2022, by President Felix Tshisekedi and was designed to draw funding and help the tech innovators and entrepreneurs contributing to the nation’s digital transformation.
“This act and other steps by the DRC government will help put the country back on the map of credible African tech ecosystems with a visible legal framework, making it easier for investors to come in,” Hannah Subayi, co-founder of DRC Impact Angels, advised TechCabal final 12 months. With Tuma’s funding, it looks as if Subayi was proper.
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